Skandia announced the disappearance of the Skandia name today, in a statement which noted that the corporate vision is “to combine asset management capability with UK platform strength and offshore expertise” as the company seeks to ramp up its business in the UK and internationally.
Paul Feeney heads up the soon-to-be-enlarged Old Mutual Wealth entity – formerly was known as Old Mutual Wealth Management – as chief executive. Steven Levin, who had been chief executive of Skandia International, is now managing director for international markets, while Peter Mann will become managing director for the UK market.
The London-based Old Mutual Group has been listed on the London and Johannesburg Stock Exchanges, among others, since 1999. It has its roots in South Africa, where it was founded in 1845. It acquired Skandia AB in 2006 for £4bn.
As reported, Old Mutual said in December it would sell its Nordic Skandia businesses to Skandia Liv, at that time an Old Mutual subsidiary, for £2.1bn ($3.3bn), to cut its debt, making Skandia Liv a free-standing operation.
The Skandia Liv businesses – which consist of Skandia’s long-term savings and banking operations in Sweden, Denmark and Norway only –will be the only remaining entities to still use the Skandia branding once the name change fully takes effect, a Skandia spokesman said, adding that this is expected to take “a couple of years”.
“People will start to see the change early next year,” he added.
In the statement announcing the retiring of the Skandia name, Feeney – who has been leading the restructuring of Skandia and Old Mutual since his arrival from BoNY Mellon at the end of last year, said: “We are no longer simply owned by Old Mutual, we are Old Mutual Wealth and an integral element of the group’s growth strategy.
“We are combining all the talents of the Skandia businesses to create a single, stronger company with one brand, one strategy and one vision.”
